- Transfers by sale, gift, or inheritance can avoid reassessment under Proposition 58. If a parent transfers a property to more than one child (shared ownership), each child should apply for the exemption for his/her share. Generally, the person acquiring the property must file a claim within 3 years after the date of transfer (if gift or sale) or parent's death (if inheritance), or the property is transferred to a third party.

see question #24

I recently inherited the family home, but I don't really want to live there. Do I have to make it my principal residence to qualify for the exclusion?

No. The property need not be the new principal residence of the person that acquired the property. It is only the transferor who must have been granted a homeowners' exemption or disabled veterans' exemption on the property before the transfer.

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. OrvilleHesperia, California

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